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Public Finance and Economic Management (Amendment) Act 2011

REPUBLIC OF VANUATU


PUBLIC FINANCE AND ECONOMIC MANAGEMENT (AMENDMENT) ACT NO. 3 OF 2011


Arrangement of Sections


Assent: 23/08/2011
Commencement: 31/10/2011


__________________


PUBLIC FINANCE AND ECONOMIC MANAGEMENT (AMENDMENT) ACT NO. 3 OF 2011


An Act to amend the Public Finance and Economic Management Act [CAP 244].
Be it enacted by the President and Parliament as follows-


1 Amendment
The Public Finance and Economic Management Act [CAP 244] is amended as set out in the Schedule.


2 Commencement
This Act commences on the day on which it is published in the Gazette.


_________


SCHEDULE
AMENDMENTS OF PUBLIC FINANCE AND ECONOMIC MANAGEMENT ACT [CAP 244]


1 SECTION 2


Insert in its correct alphabetical position


“”Release” means any deed, simple contract or other agreement or understanding by whatever description which has the effect of fully or partially comprising any litigation, claim or demand against the State in exchange for a payment or promised payment from public money or of the transfer of a public asset.”


2 After section 42


Insert


“42A Releases


(1) A Minister, Director General, Director or an officer of an agency must seek:


(a) legal advice from the State Law Office; and


(b) advice from the Director General as to the availability of funds, for the preparation of a Release.


(2) A Release may be approved in the following manner:


(a) for an amount less than VT 10,000,000- approval by the Minister after consultation with the Director General; and


(b) for an amount of VT 10, 000, 000 or more- approval by the Council of Ministers.


(3) To avoid doubt the process in subsection (1) must be complied with before an approval can be made under subsection (2).”


3 After subsection 42A
Insert


42B Personal Liability


“(1) A person and any other party who signs or contributes to conclude a Release on behalf of the State without complying with subsection 42A (1) and (2) is to be personally liable for any payment stated in the Release.


(2) A Release made without complying with subsection 42A (1) and (2) has no effect.”


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URL: http://www.paclii.org/vu/legis/num_act/pfaema2011371